In most cases, celebrities and stars cannot live a normal, quiet life with their family. Often, they cannot go to public places, or shuttle their kids around to school and playgrounds, without bodyguards, or sometimes even with precautions. They need to elude stalkers and criminals, avoid crowds, and participate in some normal activities. Trusts are used to greatly increase their privacy. Many trusts, for many purposes, for private ownership, private finances, private cars, private residences, private banking.
Marriages and Divorces
Fame and fortune do not easily make a marriage. Some stars have more marriages than successful shows. A pre-nuptual agreement is standard in many star marriages, but trusts are more popular and work even better. The trust can be put in place entirely without the future spouse participation (no signature required!). Moreover, a trust prevents merging finances, income, royalties, and taxes. It also simplifies divorce.
Investing by a celebrity can cause investments to be altered, or can damage a career. Investing by using a Private Asset Trust (as the owner), keeps the name of the celebrity private.
Income and Taxes
When it comes to taxes, some income can be re-directed to select beneficiaries, charity, or causes. Additionally, the Private Asset Trust keeps it from being combined with a spouse (or their tax consequences).
There are many successful Private Asset Trust examples. The estates of Michael Jackson, Ted Kennedy, and the Rockefellers, are good examples.
There are many examples of failures to do good estate planning. The estates of James Brown, Jimi Hendrix, and Howard Hughes, are failure examples.
Celebrity Wills and Trusts of Famous People Such as:
Elizabeth Taylor, Dennis Hopper, Heath Ledger, Thomas Jefferson, Conrad Hilton, Janis Joplin, Jim Morrison, Mark Twain, Linda McCartney, Michael Jackson, Martin Luther King Jr., Farrah Fawcett, President John F Kennedy, John Fitzgerald Kennedy Jr, Marilyn Monroe, Frank Sinatra, Walt Disney, Benjamin Franklin, George Washington, Anna Nicole Smith, John Lennon, Elvis Presley, Jackie O Kennedy, President Richard Nixon, Princess Diana, Clark Gable, Henry Fonda, James Brown, more...